IAIS published the November issue of its newsletter. This issue marks the 25th anniversary of IAIS and highlights that IAIS has reached an agreement on a comprehensive set of reforms designed to strengthen effective cross-border supervision of Internationally Active Insurance Groups (IAIGs) and to contribute to global financial stability. Additionally, IAIS published its 2018 annual report in which it focused intensively on supporting IAIS members to deliver its commitments to the post-crisis reform agenda. IAIS also announced the appointment of Dr. Manuela Zweimueller as Head of Supervisory Practices, with effect from January 01, 2020.
In November 2019, IAIS finalized the comprehensive review and update of IAIS Insurance Core Principles (ICPs), which are applicable to the supervision of all insurers. IAIS also adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector and the Common Framework, or ComFrame, that provides the first global framework for effective and globally consistent supervision of IAIGs. IAIS agreed on the Insurance Capital Standard (ICS) Version 2.0, the quantitative element of ComFrame, for a five-year monitoring period. The assessment of implementation of supervisory material related to ComFrame and the Holistic Framework for assessing and mitigating systemic risk will be led by Dr. Zweimueller.
The newsletter also announced that the Accounting and Auditing Working Group (AAWG) is expected to meet on December 17-18 in Japan to discuss the IASB agenda, audit quality issues, jurisdictional implementation activities of IFRS 17, and Monitoring Group developments. The AAWG will also discuss partnering with other organizations to establishing forums for supervisors to discuss the implementation of IFRS 17.
Keywords: International, Insurance, Newsletter, ComFrame, Systemic Risk, ICS, ICPs, IFRS 17, ICS Version 2.0, IAIS
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.
The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.
The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.